Derivative and Other Fair Value Instruments (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Summary of Carrying and Fair Values of Financial Instruments

Thefollowingtableprovidesasummaryofthe carrying andfairvaluesforthe Company’s mortgage notes payable and unsecured debt (including its commercial paper and line of credit, if applicable) at September 30, 2017 and December 31, 2016, respectively (amounts inthousands):

	September 30, 2017				December 31, 2016
	Estimated Fair Value (Level 2)		Carrying Value		Estimated Fair Value (Level 2)		Carrying Value
Mortgage notes payable, net	$	3,630,477	$	3,619,180	$	4,161,001	$	4,119,181
Unsecured debt, net		5,640,095		5,373,092		5,030,330		4,868,077
Total debt, net	$	9,270,572	$	8,992,272	$	9,191,331	$	8,987,258

Summary of Consolidated Derivative Instruments

ThefollowingtablesummarizestheCompany’sconsolidatedderivativeinstrumentsat September 30, 2017 (dollaramounts are inthousands):

	Fair Value Hedges (1)			Forward Starting Swaps (2)
Current Notional Balance	$	450,000		$	250,000
Lowest Interest Rate		2.375	%		2.1478	%
Highest Interest Rate		2.375	%		2.2895	%
Earliest Maturity Date		2019			2028
Latest Maturity Date		2019			2029

(1) Fair Value Hedges – Converts outstanding fixed rate unsecured notes ($450.0 million 2.375% notes due July 1, 2019) to a floating interest rate of 90-Day LIBOR plus 0.61%.

(2) Forward Starting Swaps – Designed to partially fix interest rates in advance of planned future debt issuances.  Of the $250.0 million notional balance, $200.0 million of these swaps have mandatory counterparty terminations in 2019 and are targeted for 2018 debt issuances while $50.0 million of these swaps have mandatory counterparty terminations in 2020 and are targeted for 2019 debt issuances.

Summary of Fair Value Measurements for Each Major Category of Assets and Liabilities Measured at Fair Value on Recurring Basis

Thefollowingtablesprovideasummaryofthefairvaluemeasurementsforeachmajorcategoryofassetsandliabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at September 30, 2017 and December 31, 2016, respectively (amounts inthousands):

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	9/30/2017		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Derivatives designated as hedging    instruments:
Interest Rate Contracts:
Fair Value Hedges	Other Assets	$	444	$	—	$	444	$	—
Forward Starting Swaps	Other Assets		3,921		—		3,921		—
Supplemental Executive Retirement Plan	Other Assets		136,774		136,774		—		—
Total		$	141,139	$	136,774	$	4,365	$	—
Liabilities
Supplemental Executive Retirement Plan	Other Liabilities	$	136,774	$	136,774	$	—	$	—
Total		$	136,774	$	136,774	$	—	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	380,541	$	—	$	380,541	$	—

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	12/31/2016		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Derivatives designated as hedging    instruments:
Interest Rate Contracts:
Fair Value Hedges	Other Assets	$	1,857	$	—	$	1,857	$	—
Supplemental Executive Retirement Plan	Other Assets		124,420		124,420		—		—
Total		$	126,277	$	124,420	$	1,857	$	—
Liabilities
Supplemental Executive Retirement Plan	Other Liabilities	$	124,420	$	124,420	$	—	$	—
Total		$	124,420	$	124,420	$	—	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	442,092	$	—	$	442,092	$	—

Summary of Effect of Fair Value Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income

ThefollowingtablesprovideasummaryoftheeffectoffairvaluehedgesontheCompany’saccompanyingconsolidated statements of operations and comprehensive income for the nine months ended September 30, 2017 and 2016, respectively (amounts in thousands):

September 30, 2017 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative			Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	(1,413	)	Fixed rate debt	Interest expense	$	1,413
Total		$	(1,413	)			$	1,413

September 30, 2016 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative		Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	4,563	Fixed rate debt	Interest expense	$	(4,563	)
Total		$	4,563			$	(4,563	)

Summary of Effect of Cash Flow Hedges on the Accompanying Consolidated Statements of Operations and Comprehensive Income

ThefollowingtablesprovideasummaryoftheeffectofcashflowhedgesontheCompany’saccompanyingconsolidated statements of operations and comprehensive income for the nine months ended September 30, 2017 and 2016, respectively (amounts in thousands):

	Effective Portion						Ineffective Portion
September 30, 2017 Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in OCI on Derivative		Location of Gain/(Loss) Reclassified from Accumulated OCI into Income	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income			Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	$	5,216	Interest expense	$	(14,019	)	N/A	$	—
Total	$	5,216		$	(14,019	)		$	—

	Effective Portion							Ineffective Portion
September 30, 2016 Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in OCI on Derivative			Location of Gain/(Loss) Reclassified from Accumulated OCI into Income	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income			Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	$	(4,240	)	Interest expense	$	(37,262	)	N/A	$	—
Total	$	(4,240	)		$	(37,262	)		$	—